China on Friday announced it would release its list of foreign “non-reliable entities”.
“NON- RELIABLE ENTITIES”
According to the Chinese Ministry of Commerce, foreign entities that “conduct straggling efforts on Chinese companies” will be added to the list, the state-run daily Global Times reported.
The step comes amid an ongoing US-China trade war that witnessed both sides increasing tariffs on the other’s exports while Washington banned its companies from doing business with Chinese tech giant Huawei.
China’s retaliatory tariffs on $60 billion US goods will come in effect on Saturday following Washington’s previous tariffs of 25 percent on $200 billion of Chinese goods. Chinese commerce ministry spokesperson Gao Feng told reporters in Beijing today that the move came “after some foreign entities violated market rules and the spirit of contracts to block the supply or take other discriminative measures against Chinese companies.” “It damaged the legitimate rights of Chinese entities and jeopardized China’s national security,” he argued.
The so-called “non-reliable entity list” list will include foreign entities, individuals and companies that block and shut the supply chain, or take discriminatory measures against Chinese companies. Companies whose actions endanger the business of Chinese companies will also be added to the list. Gao, however, said: “what will happen to those included in the list will be announced in the near future.”